Sushi, the provider of Sushi Swap, to deploy its full product suite on Boba Network with joint liquidity mining support
Sushi is one of the fast-growing decentralized finance (DeFi) platforms and a provider of Sushi Swap, a DeFi tool that allows users to trade cryptocurrencies without the need for a middleman or central administrator.
Today, Sushi announced it is deploying its comprehensive set of products to Boba Network, the first multichain Layer-2 blockchain scaling solution, and the Hybrid Compute platform. The launch will begin with Legacy Swap (the original, pre-Trident AMM), and will quickly be followed by the Kashi margin lending platform, Bento Box and Furo.
In addition, Boba and Sushi have committed to providing liquidity mining rewards for a year post-deployment to bootstrap liquidity and usage. The deployment will help Boba diversify its DEX offering and attract new liquidity.
Sushi is one of the most popular and advanced DEXs, offering a number of tools for traders such as margin trading, limit orders, and dedicated yield opportunities. The platform currently hosts over $900M in total value locked across its deployments, with an average volume of $350M a week.
Deploying on Boba will offer additional value to SUSHI holders through the xSUSHI revenue sharing mechanism, which deposits protocol fees from swaps and borrowing as additional SUSHI tokens bought from the market. Existing liquidity providers can also move to Boba to obtain larger farming yields.
“Sushi is one of DeFi’s OGs, so naturally we’re excited to welcome it to Boba,” said Alan Chiu, CEO of Enya, the core contributor to Boba Network. “Both Boba and Sushi users will benefit from this integration, as the Boba community will get to use some of the most trusted DeFi products out there, while the Sushi ecosystem will tap into new liquidity, new users, new developers, & new communities.”
“We are excited to deploy our product suite to Boba, which allows us to serve an ever-growing user base with all the dApps a DeFi user needs. We can’t wait to make Sushi scalable,” said Sarang Parikh, Lead Dev at Sushi.
Founded in 2017 by Alan Chiu, Boba is a next-generation Ethereum Layer 2 Optimistic Rollup scaling solution and Hybrid Compute platform that enables users to develop decentralized apps on the Ethereum blockchain with more features and at lower fees, and also transfer non-fungible tokens (NFTs) across ethereum’s different layers.
Boba Network offers lightning-fast transactions and fees up to 60x less than Ethereum. Hybrid Compute brings the power of Web2 on-chain, with smarter smart contracts that allow developers and creators to leverage off-chain compute and real-world data to offer an enriched experience unlike anything else on the market today.